Move-up buyers to fuel real estate sales in 2013 - 1310 NEWS
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Move-up buyers to fuel real estate sales in 2013

OTTAWA – The latest report from Remax finds buyers looking for a larger home or a better return on investment will lead the way in housing sales for 2013.

It’s a change in dynamic according to Geoff McGowan of Remax in Ottawa.

“It’s shifted over the last 12 months since the federal government instituted their new mortgage guidelines which has dampened a little bit of the first time buyer, which is traditionally the driving force of the market.”

McGowan points out the Ottawa housing prices have not been declining due to the stable labour market and conservative shoppers.

Over the last decade, housing prices in Ottawa have skyrocketed 160 per cent. Across the country, the average price has jumped over the same period by 93 per cent.

McGowan tells 1310News, there is no specific neighbourhood move up buyers are watching, but the most popular are Kanata, Barrhaven, Orleans, Westboro and the Glebe.

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